Vienna Insurance Group operates four insurance companies in the Romanian market: Omniasig Non-life, Asirom, BCR Non-life and BCR Life.

The merger of Omniasig Non-life and BCR Non-life was initiated during the general meetings of the two companies on 4 August 2011.

VIG has a market share of 28.6%, making it the clear market leader in the Romanian insurance market. VIG was able to further increase its position in the first three quarters of 2011. VIG is also the clear number 1 in the non-life segment, with a market share of 29.6%. In life insurance, VIG has a market share of 25.1%, putting it in second place. Due to good cooperation with BCR Bank, BCR Life achieved excellent performance in this segment, growing considerably faster than the market.

All of the VIG companies in Romania focused on a cost reduction programme in 2011 specific to each company and adjusted to their individual circumstances. The project began last year, concentrated on key factors and aims at achieving a permanent reduction in costs and an increase in profits. Results included the introduction or implementation of measures to centralise support functions, convert to digital claims processing, optimise the product and distribution mix, improve the collections process, redesign remuneration systems, etc.

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Omniasig Non-life

Member of VIG since:

2005

Area of operations:

Non-life

Employees:

approx. 1,530

Market position Non-life:

2nd place

Market share Non-life:

approx. 13%

Offices:

approx. 200

Motor vehicle insurance is the main business focus of Omniasig Non-life. One of the new products introduced in 2011 is the “Afacerea ta” insurance package, which is primarily aimed at small and medium-sized companies. The package includes property and business interruption insurance, casualty insurance for employees, and liability insurance. The insurance package is specifically designed for each market segment and easy to understand, making it highly competitive.

Omniasig Non-life also strengthened its partnership with Dacia-Renault-Nissan, which was established in 2010. Co-branding of motor vehicle comprehensive insurance that provides particularly favourable terms for common customers is an important part of the partnership. The company also entered into a cooperative agreement with Toyota in 2011. This agreement also includes preferred terms for common customers and co-branding of comprehensive insurance.

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Asirom

Member of VIG since:

2007

Area of operations:

Life and Non-life

Employees:

approx. 1,460

Market position:

5th place

Market share:

approx. 8%

Offices:

approx. 160

Asirom has been a member of VIG since 2007. It operates in the life and non-life segments of the Romanian insurance market. Among other things in 2011, it developed an up-to-date life insurance product, INVESTA PLUS. This is an index-linked single-premium product that optimally combines the three aspects of protection, low-risk investment and provision for retirement. The company also added a large number of new services to its online portal for internal and external sales personnel and business partners.

Asirom did well in the annual Reader’s Digest consumer survey performed in 16 European countries. It was chosen as the “MOST TRUSTED BRAND 2011” in the insurance category in Romania. The award underlines Asirom’s great commitment to customer orientation.

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BCR Non-life

Member of VIG since:

2008

Area of operations:

Non-life

Employees:

approx. 880

Market position Non-life:

6th place

Market share Non-life:

approx. 7%

Offices:

approx. 150

BCR Non-life distributes its products through approximately 150 offices and BCR’s nationwide branch network. Many existing products were modified and new products introduced in 2011 as a response to changed market conditions and in order to better serve customer needs. The new comprehensive insurance, for example, offers modular insurance solutions with four different types of cover and optimal breakdown service.

BCR Non-life and BCR Life were the first insurance companies in Romania to introduce a free app for smartphone and tablet PC users. This app allows users to purchase insurance and report claims online. It also provides detailed information on products and the BCR Life and Non-life distribution network. The life insurance segment also provides an overview of medical partners for health insurance products and an overview of the performance of unit-linked and index-linked life insurance policies.

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BCR Life

Member of VIG since:

2008

Area of operations:

Life

Employees:

approx. 110

Market position Life:

2nd place

Market share Life:

approx. 20%

BCR Life received the Romanian “Insurance Company of 2011” award in the “Piata Financiara Gala Awards” held last year in Bucharest. BCR Life also received first place in the “Life Insurance” category for the third time in a row. The jury’s decision was mainly based on the coherent growth strategy, financial stability and premium growth of the company.

This information
was audited by PWC
INTER-TREUHAND
GmbH, Vienna on
March 12, 2012.